Chapter 7 Discharge

A Chapter 7 discharge in bankruptcy results in the total discharge of all dischargeable debts. Therefore, a debtor who successfully receives a Chapter 7 bankruptcy discharge will not have to pay back any discharged debts, and the creditors holding those debts will be barred from attempting to collect those debts in any way, pursuant to the order of the bankruptcy court. Nonetheless, a Chapter 7 discharge does not necessarily wipe out all of a debtor's debts. Some debts are simply not dischargeable under federal bankruptcy laws; debtors will remain responsible for those debts despite receiving a Chapter 7 bankruptcy discharge. For instance, student loans typically are not dischargeable debts for the purposes of bankruptcy proceedings. Likewise, child support debts are not dischargeable in bankruptcy proceedings; as a result, debtors will still owe these types of non-dischargeable debts even after the bankruptcy has liquidated debtors' assets and erased all dischargeable debts.

Fast Facts

    The typical bankruptcy filer in 2009 was in his or her mid-forties, married, and had a slightly higher income than in the past.
  • Bankruptcy filings were at an all-time high in 2005, just prior to the passage of revised bankruptcy laws making it more difficult to receive a bankruptcy discharge.

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